"Comity" is a principle of jurisprudence whereby, under appropriate circumstances, one country recognizes within its borders the legislative, executive, or judicial acts of another nation. Many recent court rulings have...more
A recent Bankruptcy Court decision granted recognition to a Mexican concurso mercantile and gave full force and effect to a Mexican concurso plan that contained nonconsensual third-party releases....more
The expansion of global commerce in recent years has been accompanied by a significant increase in the volume of cross-border bankruptcy cases. Many of those cases involve "recognition" of foreign bankruptcy or insolvency...more
U.S. Bankruptcy Court does not enforce an asset freeze order from a Brazilian insolvency proceeding recognized under chapter 15 of the Bankruptcy Code. Recognition of a foreign proceeding under chapter 15 of the Bankruptcy...more
Procedure - Chapter 15 of the United States Bankruptcy Code was enacted in 2005 and represents the United States’ adoption of the “Model Law on Cross-Border Insolvency so as to provide effective mechanisms for dealing...more
A risk retention group (RRG) is a state-chartered insurance company that insures commercial businesses and government entities against liability risks, including medical malpractice. In 2017, Oceanus Insurance Company, RPG,...more
The Bottom Line - In vacating judgments from both the District Court and the Bankruptcy Court of the Southern District of New York, the Second Circuit held, in In re Picard, 917 F.3d 85 (2d Cir. 2019), that the trustee...more
On February 25, 2019, the United States Court of Appeals for the Second Circuit issued a decision holding that a trustee is not barred by either the presumption against extraterritoriality or by international comity...more
Recently in Ema Garp Fund v. Banro Corp., Case No. 18-01986 (S.D.N.Y. Feb. 21, 2019), the District Court for the Southern District of New York dismissed the plaintiffs’ claims against defendants Banro Corporation ("Banro")...more
The recent decision in In re National Bank of Anguilla (Private Banking Trust) Ltd.1 may cause readers to do a double-take. First, it is co-authored by two bankruptcy judges: Hon. Stuart M. Bernstein and Hon. Martin Glenn....more